Virgin Money has announced a series of fixed rate reductions across its residential and buy-to-let product ranges, effective from Thursday 17th April, alongside the introduction of free valuations on all new purchase applications.
For exclusive purchase products, Virgin Money is reducing 80% LTV 2-year fixed rates by up to 0.09%, now starting from 4.33%. Selected Fix and Switch products will also drop by up to 0.11%, with starting rates from 4.79%.
Larger loan products at 75% LTV for £1m+ are reducing by up to 0.15%, while Own New and Retrofit Boost products will see cuts of up to 0.15% and 0.02% respectively, all now including free valuations.
For standard purchases, 2- and 5-year fixed rates across 65% to 90% LTV will fall by up to 0.15%. The 95% LTV 2-year fixed rate fee-saver is reduced by 0.06% to 5.24%. Green fixed rates up to 90% LTV are also reduced by up to 0.15%, and selected shared ownership products will fall by up to 0.13%, starting from 4.33%.
In the buy-to-let range, Virgin Money is lowering 60% and 75% LTV 2-year fixed rates with £2,195 fees by 0.05% and by up to 0.17% on those with a 3% fee, now starting at 3.32%.
Its 80% LTV 2- and 5-year fixed rates with 1% fee are reduced by 0.20%, starting from 4.80%, while the 80% LTV 5-year fixed with a £995 fee drops to 4.89%.
The lender will also be withdrawing selected tracker rates in its product transfer range and removing cashback from some purchase fixed rates. Full details are available in the updated product guide.
All new Virgin Money residential and buy-to-let purchase applications now benefit from a free basic valuation.
